The latest Forrester report revealed that SAS received the highest score in the anti-money laundering category of 15 vendors.
The Forrester Wave: Anti-Money-Laundering Solutions, Q3 2022 evaluates the industry's 15 most significant anti-money laundering (AML) technology providers, assessing and ranking them based on 26 criteria.
SAS says as criminals grow more sophisticated in their money laundering methods, financial services organisations like banks and insurers rely on ever-more advanced AML solutions to detect financial crime.
The company says its AI-powered anti-money laundering software solution scored 4.85 out of 5 overall and received the highest possible score in 12 of the category's 13 criteria, including:
- Users and roles.
- Watchlist management and screening.
- Rules-based scoring and alerting.
- AI/machine learning-based scoring and alerting.
- Internationalisation, currencies, and reporting.
- Scale.
Forrester's assessment of SAS' current AML offering notes that it "provides an overall robust solution."
"Key management for encrypting data is explicitly configurable," the report continues.
"Rules-based and AI/ML based risk scoring is nice and functional. The solution can also provide rule recommendations. Workflow for model building is also functional and intuitive. Case management screen customisation and usability is superior."
According to a global AML study by SAS, KPMG, and the Association of Certified Anti-Money Laundering Specialists (ACAMS), one-third of financial institutions have accelerated their adoption of AI and machine learning for AML compliance since the COVID-19 pandemic began. Moreover, those that have deployed these advanced AML capabilities are seeing tremendous benefits.
SAS director of financial crimes and compliance David Stewart says while anti-money laundering compliance expectations have increased due to more complex regulatory priorities, AI and machine learning are delivering on their promise of making AML programs more automated, efficient and effective.
"It's not hype or hyperbole," he says.
"SAS has helped financial institutions achieve more than 90% model accuracy, reduce false positives by up to 80% and realise a twofold improvement on their SAR conversion rate."
This follows SAS winning Microsoft's Global Independent Software Vendor (ISV) Partner of the Year award for 2022.
The company was honoured among a global field of top Microsoft partners for demonstrating excellence in innovation and implementing customer solutions based on Microsoft technology.
The Global Independent Software Vendor Partner of the Year Award recognises the Microsoft globally managed Independent Software Vendor that has demonstrated strong customer focus and success by partnering deeply with Microsoft on a global scale. The winning partner offers clearly differentiated value and customer experiences by building on Microsoft's cloud platform.